The Evolution of the Carbon Credit Market with Blockchain Technology: Opportunities and Challenges

The evolving landscape of environmental conservation is witnessing a significant shift with the distinct roles of blockchain and Non-Fungible Tokens (NFTs). While blockchain technology has been utilized in the carbon credit market for its transparency and traceability in transactions, NFTs, traditionally linked with the arts and collectibles sector, are now emerging in this arena. This novel integration of NFTs into carbon credits, distinct from their conventional art and collectible applications, is ushering in a new era of tracking and verifying environmental assets. With blockchain providing a robust framework for transactions, and NFTs offering unique asset representation, this synergy is enhancing…...